Judson Bank (Ogdensburg, NY)

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BANK SUSPENSION

Great Excitement at Ogdensburg, N. Y. National Associated Press to the Star. OGDENSBURG, N. Y., Jan. 22.-Great excitement and consternation exists here this morning over the unexpected suspension of the Judson Bank, announced in the following card: "Owing to unusual financial pressure and the great depreciation of the value of real estate and securities, I am compelled to close the Judson Bank. With moderation on the part of my creditors I confidently expect to pay all my liabilities in full. (Signed) J. D. JUDSON."

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Suspensions

NEW YORK, Jan. 22.-The suspension wasannounced in the stock exchange this morning, shortly after the opening of business of J. W. Weston, of 17 No i street, stockholder and seller of privileges. He was an extensive dealer in privileges and the sharp advance in prices ofthe last week made it impossible for him to meet his contracts. OGDENSBURG, N. Y., Jan. 22- -The following notice is posted on the door of the Judson Bank this morning: "Owing to the unusual financial pressure and the large depreciation of the value of real estate and securities, I am compelled to close the Judson Bank. With moderation on the part of my creditors I confidently expect to pay all my liabilities in full." (Signed,) J. D. JUDSON.

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A Bank Suspends

OGDENSBURG, N. Y., Jan. 22.-Great excitement and consternation exist here this morning over the unexpected suspension of the Judson Bank. announced in the following card: "Owing to unnsual financial pressure and the great depreciation of the value of real estate and securities, I am compelled to close the Judson Bank. With moderation on the part of my creditors. I confidently expect to pav all my liabilities in full. J. D. JUDSON."

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NEW YORK:

OGDENBURG, Jan. 22.—The Judson Bank closed doors to-day.

NEW YORK, Jan. 22.—The suspension of J. W. Weston, a stock

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BANK FAILURE

SUSPENSION OF ONE OF THE OLDEST AND MOST TRUSTED MONEY INSTITUTIONS IN NORTHERN NEW YORK. [BY TELEGRAPH TO THE HERALD.] OGDENSBURG, N. Y., Jan. 22, 1879. Judson's Bank, one of the oldest banking institutions in thissection, closed its doors here to-day. This created great excitement, from the fact that John D. Judsoh, the proprietor, was supposed to be very wealthy. The bank was rated A1, and so good was the credit of the bank that many would not believe it had suspended till they went and saw the doors closed and read the notice placed thereon. Five years ago David C. Judson, died, leaving to John D., his brother, over $800,000. They were both in the bank together at that time. Since the death of David C. Judson, John D. Judson, the present proprietor, has had full control of the bank, which has always been regarded as sound and very prosperous. Besides the Judson Bank there is only one other bank in Ogdensburg, the Bank of Ogdensburg, which is a State institution, which does not and has not for a long time paid interest on deposits, while the Judson Bank has been paying five and seven per cent. The result was that the Judson Bank received a large amount of m oney on deposit and was a sort of savings bank for the city, and nearly all citizens who had saved up their earnings had deposited them there. Besides this class there are many widows, orphans and people out of business who had their money there. A large number of merchants and business men are also caught, some with maturing obligations. CAUSES OF THE CRASH. The causes for the failure are many. One reason is that the bank came into possession of a large amount of real estate at various times, which has largely depreciated and is not worth ten cents on the dollar that it cost them. Considerable good paper, too, has proven valueless. Another great cause of deficit has been that the bank has been paying too much interest on deposits. Something over $300,000 has been drawing interest at from five to seven percent for several years, and during these times it is of course impossible to meet it. It IS believed that in time the depositors will receive their pay. But little is positively known outside: it is believed that there has been no criminal mismanagement. but that the general depreciation, bad debts and some looseness of carrying on affairs has led to this result. The bottom facts cannot be arrived at to-night. it is impossible to get an interview with either Mr. Judson or E. N. Merriam, his cashier. They are busy making an assignment, which they propose to have completed to-night. The assignees are to be E. N. Merriam and I. L. Seymour. Mr. Merriam has been cashier of the bank only two months. He was appointed to fill the vacancy caused by the death of William C. Armstrong, tormerly cashier for A. T. Stewart & Co. at their wholesale store on Broadway. Stewart willed him $5,000. Judson had great confidence in Armstrong's financial abilities, and allowed him to run the business of the bank,about as he saw fit. After Merriam was appointed he, in overhauling the business done by Armstrong, found many bad securities. THE FAILURE ANTICIPATED. About the 1st of January this fact reached the ears of a few persons interested in the bank, who said little about it, but proceeded without delay to draw out what tunds they had deposited there. Since that time over $100,000 have been drawn out. The drain on the bank was steady, but more than it could stand, and late yesterday afternoon money on checks and certificates was refused. It is estimated that the number of sufferers will amount to upward of nrteen hundred, and it is said, on the best authority that can be obtained, that the amount due depositors is from $350,000 to $400,000. The assets of the bank are placed at from $325,000 to $350,000. How much of this is good no one is at present able to tell. TAX COLLECTIONS LOST. Among the heavy depositors are several town collectors who deposited in this bank all or the funds belonging to the State and county which they have thus far collected. The amounts due the collectors are not known to-night, but will likely be to-morrow. Owing to the bad condition of the roads the announcement of the failure has not yet reached many of the towns in the county, where the people depend upon the weekly papers for their information. It is anticipated there will be a general rush of farmers and others to the city to-morrow to get the facts. HEAVY INDIVIDUAL LOSSES. Among the depositors in this bank is the cook at the Seymour House, who loses $1,600, the savings of twenty-three years she has thus been employed. Nathan Frank, a resident of this city, is reported as having $50,000 in the bank. Another man, named Clarkson, is said to have lost $30,000. It is estimated that the losses will average $350 to each depositor. FURTHER TROUBLE FEARED. It is feared that failures among some of the merchants who had business connection with the bank will soon follow. The news of this failure not only staggered the people of Ogdensburg, but those of Watertown, Oswego, Malone, Potsdam and other places in Northern New York, where the credit of the bank had long been regarded as first class. Mr. Judson says if his creditors will be moderate he thinks he will be able to pay them everything. Many doubt his ability to do so. The general impression on the street is that the creditors cannot get over twenty-five per cent, if they do that much. The other bank is considered good. There was no run on it to-day in consequence of the isilure. There was considerable excitement in Watertown, but no trouble there,

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Financial Troubles

DOORS OF THE JUDSON BANK CLOSED. OGDENSBURG, N. Y., January 22.-The Judson Bank has closed its doors. SUSPENSION OF A NEW YORK STOCK BROKER. NEW YORK, January 22.-The suspension of J. W. Weston. stock broker, No. 17 New street. was announced in the Stock Exchange this morning. He was an extensive dealer in privileges, and the sharp advance in prices made it impossible for him to meet bis contracts.

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BANK FAILURE

pension of One of the Oldest and Most rusted Money Institutions In Northern York. By Telegraph in New York Herald. GDENBBURG, N. Y., Jan. 22.-Judson's Bank, of the oldest bauking instintions In this secclosed its doors here to-day. This created excitement, from the fact that John D. the proprietor, was supposed to be very The bank was rated A1, and so good the credit of the bank that many would not It. had suspended till they went and saw doors closed and read the notice placed Five years ago David C. Juddied, leaving to John D., his brothover $800,000. They were both in bank together at that time. Since the of David C. Judson, John D. Judson, the proprietor, has had full control of the which has always been regarded as sound very prosperous. Besides the Judson Bank Is only one other bank in Ogdensburg, the of Ogdensburg, which is a State Instituwhich does not and has not for a long time Interest on deposits, while the Judson has been paying 5 and 7 per cont. The was that the Judson Bank received a large of money on deposit. and was a sort of bank for the city, and nearly all citizens had saved up their earnings had deposited there. Besides this class there are many lows, orphans, and people out of business had their money there. A large number merchants and business men are also caught, with maturing obligations. The causes for the failure are many. One is that the bank cable into possession of amount of real estate at various times, has largely depreciated, and is not worth on the dollar that It cost them. Conerable good paper, too, has proven valueless. other great cause of deficit has been that the has been paying too much interest on posits. Something over $300,000 has been awing Interest at from 5 to 7 per cent for years, and during these times It la of impossible to meet it. It is believed In time the deporitors will receive their But little is positively known outside; is believed that there has been no crim: mismanagement, but that the general preciation, bad debts, and some looseness carrying on affairs has let to this result. bottom facts cannot be arrived at to-night. impossible to get an Interview with either J udson or E. N. Merriam, his Cashier. They busy making an assignment, which they pose to have completed to-night. The signees are to be E. N. Merriam and I. L. ymour. Mr. Merriam has been Cashier of the only two months. No was appointed to the vacancy caused by the death of William Armstrong, formerly Cashier for A. T. Stew& Co., in their wholesale store on Broadway. willed him $5,000. Judson had great atidence In Armstrong's financial abilities, allowed him to run the business of the about as be saw tit. After Merriam was pointed, be, in overhauling the business done Arpatrong, found many bad securities. About the 1st of January this fact reached cars of u few persons interested in the bank, said little about it, but proceeded without to draw out what funds they had depositthere. Since that time over $100,000 have drawn out. The drain on the bank was but more than it could stand, and late sterday afternoon money on checks and cercates was refused. It is estimated that the unber of sufferers will amount to upward of hundred, and it is sald, on the best authat can be obtained, that the amount depositors la from $850,000 to $100,000. The of the bank are placed at from $335,000 to

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NEWS SUMMARY

Eastern and Middle States. Irregularities in the accounts of William A Burroughs, treasurer of the New York and New Have. railroad company led to an exami nation of hii books, when it was diellovered that he had misappropriated sums amounting to $17,000, and his resignation was at once de manded and promptly tendered Burroughs had been the habit of loaning the company's his friends. to As his funds bonds Amounted to $30 000, the company loses nothing At a convention to form national militia 88 sociation, held in New York delegates from thirteen States were present and an organiza tion was effected by electing General Barney of Rliode Ieland. chairman Martin Bergin convicted of the murder of Patrick Burns, clerk for company of coal operators, in 1870 was hanged at Pottsville Pa. Another large fire with heavy losses has been added to the list in New York. Four massive iron buildings in the heart of the region occu pied by wholesale dry goods houses were destroyed by the flames causing an aggregat loss to nineteen firms variously estimated at between $1,500,000 and $4 .000. 000. At one time it was feated the immense structure oceu pied by H B Clafin & Co. the largest whole sale dry goods house in the city would cumb but the building was saved by the exertions the firemen fifty thousand people hurried to the fire, which was visible from all parts of the city About fifteen hundred men and boys em ployed in the mines of the Philadelphia and Reading Coal and Iron company at Girardville Pa., went on strike, claiming two months back pay Friction of the machinery caused an ex which blew dp the lasting fuse factory of Toy Bickford & Co. at Simsbury, Corn killing Lizzie Wall aged twenty. Annie Wall and Nellie McNulty both aged Charles Ulrich and Henry C Cole two of the most noterious cour in the coun try have been captured by United States offi cers. after some months of watching in Phila delphia and other places All the most skillful counter feits of national bank notes executed during the past few years were the work of Ulrich who was among the best engravere the United States while Cole has handled and passed more sturious money than any other the in person country Twenty four Princeton college students, oo cupying two large sleight. were arrested in the streets of Trenton N for disorderly con duct, and fined $3.80 each. Matthew T Brennan, ex-sheriff of New York and for some time prominently identified with local politics, dead in his fifty-seventh year Senator Conkling was renominated for the third time to the United States Senate by the Republican legislative caucus, the Democratic caucus nominating Lieutenant-Governor Dorsheimer A billiard tournament for the championship of the world and prize money, was opened in the Cooper institute. New York Mrs. Pennypacker was thrown from sleigh at Trappe, Pa. kicked in the temple by the runaway horse and instantly killed The destruction by fire of John Brown & Sons woolen mills. in Philadelphia, caused 2 loss of over $200,000 John Blair Scribner, head of the publishing house of Charles Scribner's Sons, died in New York few daysago, aged about twenty-eight years The Pennsylvania legislature re-elected J Donald Cameron to the United States Senate Roscoe Conkling has been re-elected to the United States Senate by the New York legislature. Orville H Platt (Republican) has been elect ed to the United States Senate by the legislature of Connectictt. George S. Hilliard, American author, died at hia residence in Longwood, Mass. a few days since, aged sixty -seven years. Many political clubs and visiting organizations took part in the inaugural ceremonies of Governor Hoyt at Harrisburg Pa. The new read his inaugural address after the parade, and in the evening there was a display of fireworks and public reception of Judson's bank. at Ogdensburg, N Y one the oldest and most trusted institutions northern New York, suspended. owing de Mr in the neighborhood of $400,000 Judson expressed belief that if the cred itors were moderate he would be able to pay them in full. The Marquis of Lorne (Canada's governor general). and his wife. the Princess Louise Niagars visited daughter) Victoria's (Queen Falls, and crossing over to the American side, paid their first visit to the United States. in A large meeting of Socialists was held New York to protest against Bismarck's re strictive policy in Germany That people cannot be too careful in hand ling kerosene lamps, has been sadly illustrated at Hyde Park Pa. where Mrs Davis and her ear-old child were burned to death by a fire caused by an exploded lamp William Brien and two song were found burned death in the ashes of their camp fire. at Milbury Brook, Pa. Western and Southern States, The inauguration of Governor Marks, of Tenneesee, took place at Nashy ille The entire business portion of Allenville, Ky has been destroved by fire. William G. Coffin teller in Cincinnati bank lived fast life, and has ended with absconding with over $10,000 of the institution's funds The Teller Senate investigation committe has ended its labors in New Orleans and left all unfinished work to Morris Marke and B Jonas. respectively representing the major ity and minority of the committee. The greater part of the Catholic church property in Cincinnati has been turned over board of trastees in the interests of creditore e of Archbishop Purcell. with whom many mem bers of the church deposited their savings, and who recently became financially embarrassed John Holson, engineer, and Michael Barke blacksmith were fitally ured by an plosion of dynamite in the Gunpowder Water Works. near Baltimore The United States grand jury, at St Louis have indicted the president. cashier and one director of the broken National bank of the State of Missouri. for fraudulent practices in connection with the business of the institu tion. No indic'ment WAS brought by the jury against Capt. Eads. the well -known engineer, as was at one time reported. A Florida jury found the Brevard county board and a canvassing sheriff the justice of the peace-guilty of falsifying returns in the late congressional election. Matt H Carpenter (Republican) has been elected by the Wiscons in legislature to succeed Senator Howe in the United States Senate. From Washington The memorial services held by Congress in of in honor Hall the of the Represer tatives, late Professor Henry, secretary of the Smith sonian institute, were attended by the Presi dent and cabinet, supreme court justices, bot] of Congress and many invited gueste S After an opening prayer by Dr. James McCosh of Princeton college, add were delivered by Vice President Wheeler Mr Wheeler rea ing the address of Senator Hamlin, of Maine who unable to be present Senator With ere Professors Gray, of Harvard. and Rogers of Boston Representatives Garfield, and Cox of New York, and General Sherman. The commissioner of pensions estimates that the bill passed by the House and Senate to pay $20 will require arrears of f to pay such arrears The bill provides that al pensions which have been granted under general law regulating pensions. which may hereafter be granted. consequence of death n which originated in the United States during the rebellion, or in consequence of contracted in such disease received or wounds service. shall begin from the date of death or discharge. The Geneva award bill has been passed in the House The bill divides claims into three classes For damages done by Confederate

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NOT so BAD

OGDENSBURG, N. Y., Jan. 25, 1879. To THE EDITOR OF THE HERALD:I noticed in your issue of the 23d inst. the states ment of a rumor to the effect that my deposits in the Judsons' Bank, of this city, which has recently suspended payment, would probably amount to $50,000. Such a rumor has no foundation in fact. 1 had less than $1,000 in the bank at the time of its suspension. By publishing this communication in your valuable paper you will correct any false impressions that may result from the publication above referred to and greatly oblige, yours, &c., MATHAN FRANK,

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known author and politician, died on the 21st, aged 70. The Teller Committee commenced an investigation at Charleston, on the 21st, of the late general election in South Carolina. In Hyde Park, Penn., on the night of the 20th, Mrs. Davis and her year-old child were burned to death by the explosion of a kerosene lamp. The Judson Bank of Ogdensburg, N. Y., closed its dors on the 22d. Hon. John Cadwallader, Judge of the United States District Court for the Eastern District of Pennsylvania, died of typhoidpneumonia on the 26th, in his 74th year. He was a son of the late Thos. Cadwallader, and grandson of Gen. Jno. Cadwallader, of Revolutionary fame. Wilkinson Call, who has just been elected to the United States Senate from Florida to succeed Mr. Conover, is a resident of Jacksonville, and about 50 years of age. He is of Whig antecedents, was a Bell and Everett Elector in 1856, and during the late unpleasantness served in the Confederate Army. He was once before elected to the Senate, under the reconstruction policy of President Johnson, but failed of admission. FOREIGN. It is stated that Bismarck has decided to withdraw his Parliamentary discipline bill, leaving the matter to the Reichstag. Advices from Belgrade are to the effect that Col. Goeta, Italian member of the Servian Boundary Commission, was robbed and murdered by Turkish brigands near Plevna. The Swiss Council of State has asked for a Legislative appropriation of 90,000 francs to relieve destitute workmen. Alderman Wm. Clendennin, of Montreal, an extensive iron-founder, has fled the country, leaving his debts and his family behind him. The French crisis has been averted by the Government effecting a compromise with the Left, thus securing a Ministry in accord with the majority of the Legislature. General Grant left Paris on the 22d on his tour of the East The party accompanying him consists of Mrs. Grant, Col. Fred. Grant, ex-Secretary of the Navy Borie, Dr. Keating, and a New York Herald correspondent. Edward Matthew Ward, the eminent English painter, is dead, at the age of 63. He committed suicide. At the conference of the International Sanitary Commission at Vienna, at which Germany, Austria and Hungary were represented, stringent measures were adopted to prevent the plague now prevalent in Russia from spreading. All railway traffic between Warsaw and Vienna has been suspended and the Commission resolved, in the event of the spread of the epidemic, to entirely close the frontier. The Grand Duchess Anastasia, daughter of the Grand Duke Michael, was married on the 24th to Prince Frederick of Mecklenburg-Schwerin, at the Winter Palace, St. Petersburg, with great ceremony. The city was illuminated at night. The news from South Africa is that the Zulu King refuses all the British demands. The King has assembled 8,000 men on the border. The High Commissioner had placed all matters connected with Zulu affairs in the hands of Gen. Chelmsford, but gave King Citywayo until the 11th of January to make full and unconditional submission. A majority of the people of Venezuela have risen in favor of Guseman Blanco. Puerto Cabello is in the possession of the revolutionists and the fort is in possession of the Government. The war steamer Bolivia aided the fort, shelling the town and destroying much property and many lives. It is reported that England intends to definitely purchase Cyprus to avoid complications arising from the nominal continuance of the sovereignty of the Sultan. One million pounds sterling are offered, which the Sultan will probably accept.